Michaels (literally) owns Joann fabrics after craft store buys bankrupt store’s property and brands - Michaels plans to expand its fabric, sewing, and yarn offerings by introducing over 600 new items

Michaels has acquired the intellectual property and private label brands of competitor Joann, which closed its stores after filing for bankruptcy.

Your favorite brands have found a new home. Michaels just acquired the intellectual property and private label brands of Joann Fabrics. The craft store is also expanding its fabric, sewing, and yarn offerings with more than 600 new products.